More than 40% of private homes in the market remain unsold

A huge number that might indicate slowdown in the demand but the government remains optimistic, placing 13 more sites for private homes in 2H.

According to a press release issued by the Urban Redevelopment Authority today, there is a large supply of about 86,000 private housing units (including about 7,000 EC units) in the pipeline, of which about 38,000 units(including 1,800 EC units) are still unsold.

However, the government reiterated that demand for private housing remains strong. As such, to continue to ensure there is adequate supply to meet demand, the Government has placed 13 sites for private residential development on the Confirmed List, which can yield about 7,100 residential units.

This is comparable to the supply made available in the Confirmed List in first half 2012 (1H2012).

According to press release, most of the private residential sites in the 2H2012 GLS Programme, including the 6 EC sites, are located in Outside Central Region or in locations in Rest of Central Region where more affordable private housing is expected to be built.